PTSB HAS TODAY announced changes to its mortgage and deposit rates.

The mortgage rate changes take effect from today and will result in decreases of 0.15% to 0.20% on a range of fixed-rate mortgage products, from periods of two years to seven years. 

The rate decrease will apply to mortgages where the Loan to Value (LTV) is between 80% and 90%.

It also includes Green mortgages and High-Value mortgages, both of which offer lower rates in this LTV band.

The new rates for the 2-year, 3-year, 5-year and 7-year fixed terms in this LTV band will range from 3.7% to 4.4%, depending on the fixed-rate period.

This is available to both new and existing customers who want to take out a new fixed-rate product.

The new rate for the 4-year fixed term of 3.65%, which is a rate-only product, is available to new customers only. 

A spokesperson remarked that the 80%-90% LTV band is “particularly popular among First-Time Buyers” but added that the new rates will also be available to First-Time Buyers, switchers from other lenders and people moving house.

Meanwhile, the deposit rate changes take effect from 1 October and apply to PTSB’s 6-month, 1-year, 3-year and 5-year fixed-term deposit products.

It will also include the 6-month and 1-year online fixed-term deposit products.

PTSB’s 5-year fixed-term deposit will increase by 0.50% to 2.00%, and the 3-year fixed-term deposit will increase by 0.40% to 2.00%.

The Bank’s 1-year and 6-month fixed-term deposit accounts, including online and Interest First equivalents, will decrease by 0.25%, to 2.00% and 1.25% respectively.

Customers who have recently taken out a new fixed-term deposit have a cooling off period of up to 14 days which will allow them to switch their deposit to benefit from new, lower rates if they wish.

Customers should contact PTSB to do this before the relevant cooling off period expires.